DuroBag, the Florence-based company that's the largest paper bag maker in the world, has been acquired by Hilex Poly, a South Carolina-based plastic bag manufacturer and recycler.

Terms of the sale were not disclosed. Charles Shor, DuroBag's chief executive officer, was not immediately available for comment.

DuroBag, which was founded in 1953 by Shor's father, S. David Shor, makes more than 20 billion bags a year for clients including Kroger, Walmart and American Eagle. It has plants throughout the United States and Mexico, and is owned by the Shor family.

According to a Hilex Poly release, the combined company will have more than 3,000 manufacturing jobs in the United States and more than 600 in Canada and Mexico. DuroBag has roughly 800 employees in the region.

Shor, who became DuroBag's CEO in 1987, said the company survived a near-death experience when his father died. In a 2012 interview with the Enquirer, Shor said the company's creditors at the time told him he owned "52 percent of a something that's worth nothing."

"They had a good relationship with my father, and my father had money behind him, so they always felt like he'd pay off. When my Dad died, they came in and said, 'We know you don't have any money.' "

The company refinanced with Fifth Third Bank, which agreed assume DuroBag's debt from its existing creditors, and Shor navigated the rapidly consolidating paper bag industry by purchasing 17 different companies. Shor credits George Schaefer, the retired Fifth Third CEO, for making the deal happen.

"That was the best day for me," Shor said..

The deal with Hilex Poly is expected to close at the end of the second quarter.